Let ping pong commence
We've tested resistance, and now we've found support. 112.20/25 and 112.50 is the playground for the moment.
USDJPY 15m chart
Under 112.20, 112.00/05 offers additional support, while up top, I wouldn't be surprised to see stops in place should 112.50 break. That might be something to watch for before the Fed as a stop run could artificially push the price up quickly.
Expect some water treading in these next couple of hours, barring any headlines, and look out for the usual positioning jockeying in the minutes leading up to the announcement.
